The Olympic champion has formed a partnership with Aqua Sphere.
Philip Clarke will be replaced by Unilever executive Dave Lewis.
The reality star fronts the retailer's Sexy For You campaign.
Testino's photographs will appear in Wolford boutiques worldwide.
The designers have created a swimwear range for SS15, LI has learned.
The board has stripped Dov Charney of his title as CEO and president.